1. 1 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. Smith Barney Citigroup Financial Services Conference January 26, 2005

2. 2 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws. In particular, any expectations regarding our future revenues, expenses, earnings, capital expenditures, activity rates, accounts or stock price are forward-looking statements. These statements reflect only our current expectations and are not guarantees of future performance or results. These statements involve risks, uncertainties and assumptions that could cause actual results or performance to differ materially from those contained in the forward-looking statements. These risks, uncertainties and assumptions include general economic and political conditions, market fluctuations and changes in client trading activity, increased competition, systems failures and capacity constraints, regulatory and legal matters and uncertainties and other risk factors described in our latest Annual Report on Form 10-K. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

3. 3 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. >A market leader in large and growing market >Growth platform >Low cost operating structure >Successful consolidator >Growing year-over-year EPS >Strong cash flow Investment Highlights

4. 4 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. ‘80 - ‘02 CAGR of 7.4% ($ in billions) Source: SIA Note: Revenues do not include mutual fund sale revenue and asset management fees. (1) Represents brokerage commissions from Ameritrade, E*Trade, Schwab and TD Waterhouse Large Retail Brokerage Market Strong Secular Growth Retail Brokerage Commission Revenue ($ in billions) 401K Assets Source: Cerulli Associates Inc. ‘02 - ‘06E CAGR of 11.1% (1)

5. 5 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. Growth in “Qualified Accounts” (1) (1) Qualified accounts are all open client accounts with a total liquidation value greater than or equal to $2,000, except clearing accounts. (2) Total accounts are all open client accounts (funded and unfunded), except clearing accounts.

6. 6 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. 23% GROWTH $53.7 $66.6 $11.5 $13.3 As of Dec. 31, 2004 Client Cash & Money Market Funds ($ in Billions) $65.2 $79.9 As of Dec. 31, 2003 Strong Client Asset Growth

7. 7 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. 153K 84K 168K 50% 38% 17% SchwabE*TradeAmeritrade Avg. Daily Trades (1) (1) The numbers shown for E*Trade are retail daily average revenue trades, which excludes professional trades. The numbers shown for Schwab are daily average revenue trades, which includes all client trades that generate commission revenue or revenue from principal mark-ups (i.e., fixed income), including trades of equities, options, fixed income securities, and mutual funds that generate transaction fees, and excluding Mutual Fund OneSource trades and other asset-based trades. The numbers shown for AMTD are average daily trades, which includes all client trades of equities, options, mutual funds and debt instruments. Source: Ameritrade, E*Trade and Schwab from Company reports for the 12 months ended September 2004. Compared to Publicly Traded Peers 12 months ended Sept. 2004 #1 Pre-tax Margin

8. 8 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. *See reconciliation of financial measures at www.amtd.com. Sept 04 Change Sept 02 Qtr Ended $94.0M 477% $16.3M** Net Income Before Taxes $72.9M -15% $85.5M Expenses* Excluding Advertising 124K 62%43% $115.6M87K Revenues Average Client Trades/Day $186.8M Ameritrade closed the merger with Datek on September 9, 2002. Power of Operating Leverage and Scalability **Net Income from Ongoing Operations. See reconciliation of financial measures at www.amtd.com. Dec 04 $148M$91M171K$262M

9. 9 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. Successful Consolidator Acquire the revenues and virtually none of the fixed expenses M&A Activity 110 online brokerages remaining Deal Value Annc. Date($ millions)Target 6/7/200426JB Oxford 11/6/200355 Bidwell 10/2/20031 BrokerageAmerica 6/3/20034 MyDiscountBroker.com 4/8/20021,289 Datek 7/31/2001154 NDB.com 6/9/2004 NA Investex

10. 10 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. EPS is per diluted share *See reconciliation of financial measures at www.amtd.com Financial Results

11. 11 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. *See reconciliation of financial measures at www.amtd.com **Does not include accounts purchased in acquisitions Operational Results

12. 12 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. +20% $0.64 $0.22 $0.77 $0.90 FY 04 ActualFY 05 Guidance Dec Q Actual +41% $0.32 FY 03 Actual EPS Growth EPS is per diluted share

13. 13 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. >Stock repurchase program –Between September 19, 2002 and December 31, 2004, $461 million invested in repurchasing 45.9 million shares at a weighted average price of $10.04 per share >Advertising >Acquisitions >Technology Uses of Cash

14. 14 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. Growth Opportunities Maximize shareholder return by expanding our position with traders and extending our low-cost model to mass affluent, long-term investors >Grow Base of Equity Traders >Increase Share of Trades Introduce Products for Additional Asset Classes and Investment Focused Products Attract New Client Base  Segmented value propositions  Targeted account acquisition  Trading tool innovation  Fixed income  Options*  Cash management  Deliver low cost investing platform to self directed, mass affluent investors, through products such as portfolio allocation tools Equity Traders Share of Wallet Mass Affluent ObjectiveAction  ETFs  Mutual funds *Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Please see our Web site at www.ameritrade.com or contact an Ameritrade representative at 800-669-3900 for options disclosure documents. Clients should carefully read these documents before investing in options.

15. 15 Ameritrade, Inc., member NASD/SIPC. Ameritrade, Inc. is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logo are trademarks or registered trademarks of Ameritrade IP Company, Inc. (c) 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission. www.amtd.com